Bitcoin Will Likely Go To 0-$500, Says Venture Capitalist

Venture Capitalist, Jason Calacanis, has offered a grim prediction of Bitcoin’s (BTC) future, tweeting that Bitcoin will fall to $0 – 500 for the fact that it is manipulated and could be replaced by a new technology,

My position remains the same. #Bitcoin will likely be replaced by a new technology & it’s manipulated

It’s possible it’s built to last, but not probable, so keep your position to an amount you’re willing to loose

Calacanis, who has invested in Uber and Robinhood, goes on to say that it is possible that early investors will clear that position, but holds that probability to be less than 30% while energy consumption, regulation, hacking, and newer technology make the likelihood of Bitcoin fading to be greater than 70%,

It’s possible that the early holders will clear their positions to a new group of global refugee seekers, making it built to last. I put that at < 30% right now.

Energy consumption, hacking, regulation & a better version are likely negative scenarios — I bundle those at 70%

Calacanis’ Prediction At Odds with those of Others

Several investors have invested a large portion of their life’s savings in Bitcoin and the crypto market, which has given rise to several horrific stories about these investors losing nearly all of it in bear markets. What Calacanis says about keeping a position that investors are willing to lose is solid advice, and the pessimistic prediction is at odds with what many other entrepreneurs and seasoned crypto investors seem to think.

About Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.